Citicore sets $2B capex; eyes 3-GW capacity in 2026

Citicore Renewable Energy Corp. (CREC) is set to double capital spending to $2 billion in 2026, to support the rollout and completion of its second and third gigawatts of capacity within the year.

According to CREC chief executive officer Oliver Tan, the capital spending, twice the $1 billion in 2025, will be mixed — 70% would be the typical project financing, while the remaining 30% will be mixed equity and internally generated cash.

Tan said the company will infuse around 1 gigawatt into Citicore Energy REIT Corporation (CREIT) within the first half, with the proceeds to form a substantial part of the equity of the $2 billion capital expenditures.

This comes as CREC is looking to roll out its second and third gigawatts of projects within the year, made up of solar and battery investments mostly in Batangas; Pagbilao, Quezon; and Samar, Visayas; among others.

Tan, who previously said the company is looking to roll out 1GW of projects annually, said the aggressiveness is backed by the learnings from its first gigawatt.

“Because with Megawide, we’re an engineering company, so how we modularize, how we design buildings, the same discipline we’re applying to solar plants so it can accelerate the construction,” he told reporters in an interview.

CREC is primarily engaged in supplying retail electricity to contestable customers through Citicore Energy Solutions Inc. It is an affiliate of Megawide Construction Corp., which acquired a 10% stake in October 2025. —AOL, GMA Integrated News